Part 8b) Average labour productivity is presently higher in Australia than it is in China yet during the 21st
a) What is average labour productivity? Explain how average labour productivity can impact economic growth measured in terms of RGDP per capita.
Century, China has experienced much higher rates of economic growth compared to Australia.
Explain possible reasons for this drawing on relevant evidence and examples to support your answer.
c) What is meant by diminishing returns to capital? Use a hypothetical example to support your answer.
d) While increasing outplut levels have been a benefit of economic growth, what have been some of the challenges associated with the phenomenon of economic growth? Here consider the broad social and environmental implications that stem from economic growth. In your answer draw on relevant evidence and examples.
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